Instructions For Form 720 - Quarterly Federal Excise Tax Return (Page 7 of 18) in pdf

3. If you are an individual and do not have an employer

Department of the Treasury

identification number (EIN), enter your social security

Internal Revenue Service

number (SSN) or individual taxpayer identification number

Cincinnati, OH 45999-0009

(ITIN) on Form 720 and Form 720-V in the space for the

Also, see the Caution under Private Delivery Services.

EIN.

Part II

4. Check the one-time filing box on the line for the gas

guzzler tax.

Sport fishing equipment (other than fishing rods and

fishing poles) (IRS No. 41). The tax on sport fishing

Vaccine taxes (IRS No. 97). A tax is imposed on the sale

equipment is 10% (.10) of the sales price. The tax is paid by

or use of a vaccine manufactured, produced, or entered into

the manufacturer, producer, or importer. Taxable articles

the United States at $.75 per dose if it:

•

include reels, fly fishing lines (and other lines not over 130

Contains diptheria toxoid, tetanus toxoid, pertussis

pounds test), fishing spears, spear guns, spear tips, terminal

bacteria, extracted or partial cell bacteria, specific pertussis

tackle, fishing supplies and accessories, and any parts or

antigens, or polio virus;

•

accessories sold on or in connection with these articles. See

Is against measles, mumps, rubella, hepatitis A, hepatitis

Pub. 510 for a complete list of taxable articles. Add the tax

B, chicken pox, rotavirus gastroenteritis, or human

on each sale during the quarter and enter the total on the

papillomavirus;

•

line for IRS No. 41.

Is any HIB (haemophilus influenza type B) vaccine;

•

Fishing rods and fishing poles (IRS No. 110). The tax on

Is any meningococcal vaccine;

•

fishing rods and fishing poles (and component parts) taxed

Is any conjugate vaccine against streptococcus

at a rate of 10% will have a maximum tax of $10 per article.

pneumoniae; or

•

The tax is paid by the manufacturer, producer, or importer.

Is any trivalent vaccine against influenza.

Add the tax on each sale during the quarter and enter the

If any taxable vaccine is combined with one or more

total on the line for IRS No. 110.

additional taxable vaccines, then the tax is imposed on each

Electric outboard motors (IRS No. 42). The tax on an

vaccine included in the combination.

electric outboard motor is 3% (.03) of the sales price. The

Example. MMR contains three taxable vaccines:

tax is paid by the manufacturer, producer, or importer. Add

measles, mumps, and rubella. The tax per dose on MMR is

the tax on each sale during the quarter and enter the total

$2.25 (3 x $.75).

on the line for IRS No. 42.

Fishing tackle boxes (IRS No. 114). The tax on fishing

Add the tax for each taxable vaccine and enter the total

tackle boxes is 3% (.03) of the sales price. The tax is paid

tax on the line for IRS No. 97.

by the manufacturer, producer, or importer. Add the tax on

Foreign Insurance Taxes

each sale during the quarter and enter the total on the line

for IRS No. 114.

Policies issued by foreign insurers (IRS No. 30). Enter

Bows, quivers, broadheads, and points (IRS No. 44).

the amount of premiums paid during the quarter on policies

The tax on bows is 11% (.11) of the sales price. The tax is

issued by foreign insurers. Multiply the premiums paid by

paid by the manufacturer, producer, or importer. It applies to

the rates listed on Form 720 and enter the total for the three

bows having a peak draw weight of 30 pounds or more. The

types of insurance on the line for IRS No. 30.

tax is also imposed on the sale of any part or accessory

Who must file. The person who pays the premium to

suitable for inclusion in or attachment to a taxable bow and

the foreign insurer (or to any nonresident person such as a

any quiver, broadhead, or point suitable for use with arrows

foreign broker) must pay the tax and file the return.

described below. Add the tax on each sale during the

Otherwise, any person who issued or sold the policy, or who

quarter and enter the total on the line for IRS No. 44.

is insured under the policy, is required to pay the tax and file

Arrow shafts (IRS No. 106). The tax on arrow shafts is

the return.

$.45 per arrow shaft. The tax is paid by the manufacturer,

producer, or importer of any arrow shaft (whether sold

Treaty-based return positions under section 6114.

Foreign insurers and reinsurers who take the position that a

separately or incorporated as part of a finished or unfinished

treaty of the United States overrules, or otherwise modifies,

product) of a type used in the manufacture of any arrow

an Internal Revenue law of the United States must disclose

which after its assembly meets either of the following

conditions.

such position. This disclosure must be made once a year on

•

a statement which must report the payments of premiums

It measures 18 inches or more in overall length.

•

that are exempt from the excise tax on policies issued by

It measures less than 18 inches in overall length but is

foreign insurers for the previous calendar year. This

suitable for use with a taxable bow, described earlier.

statement is filed with the 1st quarter Form 720, which is

Exemption for certain wooden arrows. The tax does

due before May 1 of each year.

not apply to any shaft made of all natural wood with no

laminations or artificial means of enhancing the spine of

You may be able to use Form 8833, Treaty-Based Return

such shaft (whether sold separately or incorporated as part

Position Disclosure Under Section 6114 or 7701(b), as a

of a finished or unfinished product) and used in the

disclosure statement.

manufacture of any arrow which after its assembly meets

At the top of Form 720, write “Section 6114 Treaty.” If you

both of the following conditions.

•

have no other transactions reportable on Form 720,

It measures

of an inch or less in diameter.

•

complete Form 720 as follows.

It is not suitable for use with a taxable bow, described

earlier.

1. If this is your final return, check the final return box.

2. Write “None” on lines 1 and 3.

Add the tax on each sale during the quarter and enter the

3. Sign the return.

total on the line for IRS No. 106.

Inland waterways fuel use tax (IRS No. 64). If you are

You need an EIN to file Form 720. If you do not have an

liable for the inland waterways fuel use tax, report the

EIN, see Employer Identification Number (EIN) on page 3.

number of gallons subject to tax on the line for

Where to file. All filers should mail Form 720 with the

IRS No. 64. Certain fuels must also be reported under IRS

attached Form 8833 or disclosure statement to:

No. 125 (discussed next).

-7-

Instructions For Form 720 - Quarterly Federal Excise Tax Return Page 7

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